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Could changes in LIBOR-setting lead to frustration in current contracts?

Published on: 11 February 2016
Published by: LexisPSL
  • Could changes in LIBOR-setting lead to frustration in current contracts?
  • What are the current plans to overhaul LIBOR or create alternative reference rates?
  • What advantages would this have for the market and market-participants generally?
  • What effect would this have on existing contracts referencing LIBOR? Would parties be able to argue that a contract could be terminated based on contractual frustration?
  • Should banking lawyers be looking to add additional language into their contracts now to avoid future problems?

Article summary

Banking & Finance analysis: There is a move to transaction-based benchmarks for calculating LIBOR rates. Saaman Pourghadiri, barrister at Outer Temple Chambers, questions whether this change in methodology is likely to lead to frustration in current contracts. or take a trial to read the full analysis.

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